FMR is near market; voucher and private rents are aligned.
0.96
1 BR
1 BR
1.06ratio
FMR$1,390
Market$1,310
vs market+$80
FMR is near market; voucher and private rents are aligned.
1.06
2 BR
2 BR
1.14ratio
FMR$1,670
Market$1,470
vs market+$200
FMR is above market; underwrite to market rent.
1.14
3 BR
3 BR
1.40ratio
FMR$1,990
Market$1,420
vs market+$570
FMR is above market; underwrite to market rent.
1.40
4 BR
4 BR
1.51ratio
FMR$2,190
Market$1,450
vs market+$740
FMR is above market; underwrite to market rent.
1.51
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
ZIP 12181 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 12181 (Troy, NY) is $1,670 a month. That is up 0.6% from $1,660 in FY 2026. Troy is in the Albany-Schenectady-Troy, NY MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,711. Among 34 ZIP codes in Rensselaer County, 12181 is tied for the 14th-highest two-bedroom rent (county range $1,540–$2,320). The median county two-bedroom FMR in New York is $1,385, so ZIP 12181 is 21% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 12181
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,190
$1,210
+1.7%
$1,089–$1,331
1BR
$1,380
$1,390
+0.7%
$1,251–$1,529
2BR
$1,660
$1,670
+0.6%
$1,503–$1,837
3BR
$1,990
$1,990
0.0%
$1,791–$2,189
4BR
$2,200
$2,190
−0.5%
$1,971–$2,409
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 12181
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,210
$1,390
$1,670
$1,990
$2,190
FY 2026
$1,190
$1,380
$1,660
$1,990
$2,200
FY 2025
$1,040
$1,190
$1,440
$1,730
$1,910
FY 2024
$970
$1,090
$1,320
$1,600
$1,760
FY 2023
$930
$1,040
$1,260
$1,530
$1,690
Two-bedroom rent in nearby Rensselaer County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 12181?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,711, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,540 to $1,882 a month; under the ZIP-level Small Area FMR of $1,670 it would be $1,503 to $1,837. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is ZIP 12181 in?
ZIP 12181 is in the Albany-Schenectady-Troy, NY MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,711.
How much did fair market rent change in ZIP 12181 for FY 2027?
The two-bedroom FMR rose 0.6%, from $1,660 in FY 2026 to $1,670 in FY 2027. Since FY 2023 it has risen 32.5%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set